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SOLUTIONS
Case 1: CB Manufacturing
Discussion Material
Objective: This case exposes students to issues dealing with leasehold improvements. More
specifically it looks at the amortization periods for leasehold improvement from business combinations
and those that are placed in service significantly after the start of the lease term.
Answers:
1. Leasehold improvements that are placed in service significantly after and not contemplated at
or near the beginning of the lease term should be amortized over the shorter of the useful life
of the assets or a term that includes required lease periods and renewals that are deemed to
be reasonably assured (as defined in paragraph 5 of Statement 13) at the date the leasehold
improvements are purchased. In this case, the leasehold improvements should be amortized over
approximately four years, which is the time period remaining on the lease.
2. Leasehold improvements acquired in a business combination should be amortized over the shorter
of the useful life of the assets or a term that includes required lease periods and renewals that
are deemed to be reasonably assured (as defined in paragraph 5 of Statement 13) at the date of
acquisition. In this case, the acquired leasehold improvements should be amortized over the period
remaining of the initial five-year term (approximately two years) plus the two year renewal period
because renewal is reasonably assured as of the date of the business combination (approximately
four years in total). The resulting amortization period for the acquired leasehold improvements
(approximately four years) would be less than the remaining useful life of the related asset
(approximately five years).
References:
EITF No. 05-6, Determining the Amortization Period for Leasehold Improvements Purchased after
Lease Inception or Acquired in a Business Combination.
FASB Statement No. 13, Accounting for Leases
FASB Statement No. 98, Accounting for Leases: Sale-Leaseback Transactions Involving Real Estate,
Sales-Type Leases of Real Estate, Definition of the Lease Term, and Initial Direct Costs of Direct
Financing Leases
FASB Statement No. 141, Business Combinations
FASB Interpretation No. 21, Accounting for Leases in a Business Combination
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References:
FASB Statement No. 144, Accounting for the Impairment or Disposal of Long-lived Assets
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KPMG name, logo and cutting through complexity are registered trademarks or trademarks of KPMG International.
2012 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent
member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved. The
KPMG name, logo and cutting through complexity are registered trademarks or trademarks of KPMG International.
2012 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent
member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved. The
KPMG name, logo and cutting through complexity are registered trademarks or trademarks of KPMG International.
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KPMG name, logo and cutting through complexity are registered trademarks or trademarks of KPMG International.
Solutions (continued)
As noted in part 1, Mills guarantee is recorded at estimated cost, not fair value, once both
criteria in paragraph 8 of FAS 5 are met.
This change should be treated as a correction of an error as Mills previous policy was not in
accordance with paragraph 8 of FAS 5 and thus represented a departure from GAAP. If the error that
resulted from Mills GAAP departure was material to prior period financial statements, those prior
period financial statements would need to be restated to correct this error in accordance with
SFAS No. 154, Accounting Changes and Error Corrections.
References:
FASB Statement No. 5, Accounting for Contingencies
FASB Statement No. 154, Accounting Changes and Error Corrections
FASB Interpretation No. 45, Guarantors Accounting and Disclosure Requirements for Guarantees,
Including Indirect Guarantees of Indebtedness of Others
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Solutions (continued)
b. If either or both of the savings and investments operating segments achieved growth such
that the individual operating segment now met the quantitative threshold the segments
would need to be reported as separate segments. This would also require comparative
data to be restated to show the newly reportable segment as a separate segment in the
comparative period even if that segment did not satisfy the quantitative criteria in the prior
period.
c. Operating segments that do not meet any of the quantitative thresholds may be considered
reportable, and separately disclosed, if management believes that information about the
segment could be useful to readers of the financial statements. Therefore, even though
the investments and savings operating segments do not meet the quantitative criteria
management may determine in a future period that there is information that would be of
interest to the readers of the financial statements that requires separate disclosure of these
two operating segments.
References:
EITF No. 04-10, Determining Whether to Aggregate Operating Segments That Do Not Meet the
Quantitative Thresholds
FASB Statement No. 131, Disclosures about Segments of an Enterprise and Related Information
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850,000
(1,000,000)
$ (150,000)
850,000
(450,000)
(100,000)
(200,000)
100,000
(350,000)
$ (250,000)
References:
FASB Statement No. 142. Goodwill and Other Intangible Assets
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KPMG name, logo and cutting through complexity are registered trademarks or trademarks of KPMG International.
Solutions (continued)
EITF 01-10, Accounting for the Impact of the Terrorist Attacks of September 11, 2001
FASB Statement No. 5, Accounting for Contingencies
FASB Statement No. 13, Accounting for Leases
FASB Interpretation No. 14, Reasonable Estimation of the Amount of a Loss
APB Opinion No. 30, Reporting the Results of OperationsReporting the Effects of Disposal of
a Segment of a Business, and Extraordinary, Unusual and Infrequently Occurring Events and
Transactions
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2012 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent
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KPMG name, logo and cutting through complexity are registered trademarks or trademarks of KPMG International.
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KPMG name, logo and cutting through complexity are registered trademarks or trademarks of KPMG International.
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Solutions (continued)
likely would question the quality of work performed given the inability to perform the audit in a
profitable manner. Further, Kaypee and Gee will be faced with a difficult challenge in subsequent
years to increase the fees charged. Difficulties in subsequent years will continue to put pressure
on the firm to reduce costs, which could lead to actual quality deficiencies (or continued perceived
deficiencies from reviewers).
4. Should Kaypee and Gee be forced to resign as auditors due to a conflict of interest (i.e., the firm
discovers that it is not independent from the bank), recoverability of any of the agreed-upon fee is
negotiable and likely based on the party at fault for not discovering the lack of independence. Likely,
Kaypee and Gee are at fault and therefore would not be able to recover any of the engagement
fees. In that case, all incurred expenses to-date are recorded, leading to a loss on the engagement
for all amounts incurred. Any fees determined to be reimbursable would be considered revenues
that would reduce the loss. This scenario highlights the importance of thoroughly investigating the
extent to which any conflicts of interest might exist with a prospective audit client. In addition, the
reputation effects could cause further damage. For example, Kaypee and Gee might have difficulty
finding other clients in Peoria because of a perception of sloppiness in their performance.
References:
EITF 01-14, Income Statement Characterization of Reimbursements Received for Out-of-Pocket
Expenses Incurred
AICPA Statement of Position 81-1, Accounting for Performance of Construction-Type and Certain
Production-Type Contracts
AICPA Audit and Accounting Guide, Brokers and Dealers in Securities
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Solutions (continued)
FASB Statement No. 53, Fin. Reporting by Producers and Distributors of Motion Picture Films
FASB Statement No. 63, Financial Reporting by Broadcasters
FASB Concepts Statement No. 6, Elements of Financial Statements
APB Opinion No. 29, Accounting for Non-monetary Transactions
AICPA Statement of Position 75-5, Accounting Practices in the Broadcasting Industry
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Depot. The purchase orders with Cattle Caller for farming power equipment (whether
cancelable or not) meet the contractual-legal criterion and, therefore, must also be recorded
at fair value apart from goodwill. Additionally, because RLS establishes its relationship with
Cattle Caller through contracts, the customer relationship with Cattle Caller meets the
contractual-legal criterion and must also be recorded at fair value apart from goodwill. Since
there is only one customer relationship with Cattle Caller, the fair value of that relationship
would incorporate assumptions regarding RLSs relationship with Cattle Caller related to
both farming power equipment and power tools.
Acquisition of Tractor Heaven.
No implied contract with Bonanza exists from what was provided, so no separate asset
should be recorded, assuming the customer relationship with Bonanza cannot be separated
(e.g., sold, transferred, licensed, rented or exchanged) from the entity.
Finally, the half of the customer lists (the lists not under confidentiality agreements) should
be recorded as a separate intangible asset at fair market value.
3. In the case of any contracts with a planned termination date with no plans for renewal, the asset
should be amortized over the life of the contract. The customer relationship intangible assets should
be amortized over the expected period of the customer relationship. Any goodwill arising from the
transaction should not be amortized. Additionally, long-lived assets created from the transaction
(including contract and customer relationship intangibles) would need to be tested for recoverability
whenever events or changes in circumstances indicate that their carrying amounts may not be
recoverable. Any goodwill arising from the transaction must be examined each year to understand the
extent to which any asset impairment has occurred (or between annual tests upon occurrence of an
event or change in circumstances that indicates an impairment of goodwill may have occurred).
References:
EITF 02-17, Recognition of Customer Relationship Intangible Assets Acquired in a Business
Combination
FASB Statement No. 141, Business Combinations F
ASB Statement No. 142, Goodwill and Other Intangible Assets
FASB Statement No. 144, Accounting for the Impairment of Disposal of Long-Lived Assets
FASB Concepts Statement No. 7, Using Cash Flow Information and Present Value in Accounting
Measurements
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Solutions (continued)
recognized in each month during the future service period. Thus, the liability recognized to date
would be reduced to reflect the cumulative effect of that change. A liability would be recognized in
each month during the remaining future service period (12 months). Accretion expense would be
recognized after the termination date in accordance with FAS 146, paragraph 6.
References:
FASB Statement No. 146, Accounting for Costs Associated with Exit or Disposal Activities.
FASB Concepts Statement No. 7, Using Cash Flow Information and Present Value in Accounting
Measurements.
FASB Concepts Statement No. 6, Elements of Financial Statements.
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Solutions (continued)
3. While the agreement to sell hats on consignment for coverall implies that the net method might
be appropriate because the supplier bears physical inventory risk, overall the elements of the
transactions suggest that the gross method is more appropriate because the seller continues to be
the primary obligor, set prices and bear credit risk.
References:
EITF 99-19, Reporting Revenue Gross as a Principal versus Net as an Agent
SEC Staff Accounting Bulletin No. 101, Revenue Recognition in Financial Statements
SEC Staff Accounting Bulletin No. 101B, Second Amendment: Revenue Recognition in Financial
Statements
FASB Statement No. 97, Accounting and Reporting by Insurance Enterprises for Certain Long-Duration
Contracts and for Realized Gains and Losses from the Sale of Investments
FASB Statement No. 113, Accounting and Reporting for Reinsurance of Short-Duration and LongDuration Contracts
FASB Concepts Statement No. 2, Qualitative Characteristics of Accounting Information
FASB Concepts Statement No. 6, Elements of Financial Statements
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Solutions (continued)
3. For November, actual HDDs exceeded allocated HDDs by 100, meaning that there were more
HDDs than allocated. Thus Energen records a gain of $12,000 multiplied by 100 (HDDs in excess of
allocation) for a total of $120,000. For December, actual HDDs were 200 less than allocated HDDs.
Thus Energen records a loss of $12,000 multipled by 200 for a total of $240,000. Thus, a cumulative
loss for the year of $120,000 ($240,000 loss - $120,000 gain) is recorded for the year ended
December 31.
References:
EITF 99-2, Accounting for Weather Derivatives FASB Statement No. 5, Accounting for Contingencies
FASB Statement No. 107, Disclosures about Fair Value of Financial Instruments
FASB Statement No. 119, Disclosure about Derivative Financial Instruments and Fair Value of Financial
Instruments
FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities
FASB Interpretation No. 14, Reasonable Estimation of the Amount of a Loss
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Solutions (continued)
3. Just-For-Teens should record rent expense in equal amounts throughout the lease term for the
expected value of the lease, which includes the 2 percent of sales in excess of $40 million (i.e., $20
million X .02 = $400,000). Thus, their rent expense should be $200,000 per month. In EITF 98-9 the
Task Force reached a consensus that a lessee should recognize contingent rental expense prior to
the achievement of the specified target that triggers the contingent rental expense, provided that
achievement of that target is considered probable, which is the case for Just-For-Teens. Previously
recorded rental expense should be reversed into income at such time that it is probable that the
specified target will not be met.
References:
SEC Staff Accounting Bulletin No. 101, Revenue Recognition in Financial Statements
SFAS No. 13, Accounting for Leases
SFAS No. 29, Determining Contingent Rentals
FASB Technical Bulletin 85-3, Accounting for Operating Leases with Scheduled Rent Increases
EITF 98-9, Accounting for Contingent Rent
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KPMG name, logo and cutting through complexity are registered trademarks or trademarks of KPMG International.
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2012 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent
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KPMG name, logo and cutting through complexity are registered trademarks or trademarks of KPMG International.
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Solutions (continued)
3. Curlys Limited Liability Corporations investment of only 2% should likely be considered minor, and
therefore should be accounted for using the cost method. As discussed in answer 2 above, LLCs
are generally treated like LPs for accounting purposes. Because L. Hardy Company now owns
less than 3 to 5 percent of the LLC its investment would likely fall below the more than minor
threshold.
References:
EITF 03-16, Accounting for Investments in Limited Liability Companies
APB Opinion No. 18, The Equity Method of Accounting for Investments in Common Stock
APB Opinion No. 20, Accounting Changes
AICPA Accounting Interpretation 2, Investments in Partnerships and Ventures, of APB Opinion No. 18
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2012 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent
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KPMG name, logo and cutting through complexity are registered trademarks or trademarks of KPMG International.
2012 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent
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2012 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent
member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved. The
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$523,000
$135,000
$388,000
References:
APB Opinion No. 30, Reporting the Results of OperationsReporting the Effects of Disposal of
a Segment of a Business, and Extraordinary, Unusual and Infrequently Occurring Events and
Transactions
EITF 01-10, Accounting for the Impact of the Terrorist Attacks of September 11, 2001
2012 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent
member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved. The
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